Negative global cues affects the momentum of Nifty and starting with gap down opening, Nifty falls to close the gap up opening levels almost completely today breaching the 5-EMA level of 5254 and closing just above this level at 5258. VWAP @ close is 5298.
1) Below the 5-EMA level now, Nifty will likely test the immediate support at 5210 below which 5160 is the next major support level.
2) Nifty will be strong only above 5270-5280 levels now for target of 5350-5410-5450.
3) Closing the week above the 200-EMA/SMA level of 5335/5406 are the immediate targets for Nifty. The overall bias remains up as long as Nifty manages to remain above the lower end of the gap up (5225) levels. Happy trading :)
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